Rainbow Rare Earths (LON:RBW) Trading 2.2% Higher - Here's What Happened

Key Points

• Rainbow Rare Earths Limited saw a stock price increase of 2.2%, trading at GBX 13.80 on Friday, with a significantly reduced trading volume of 245,470 shares.
• Berenberg Bank reaffirmed a "buy" rating for the stock, setting a price target of GBX 34 ($0.45).
• The company focuses on creating an independent and ethical supply chain for rare earth elements, notably working on the Phalaborwa Project in South Africa and the Uberaba Project in Brazil.

Rainbow Rare Earths Limited (LON:RBW - Get Free Report)'s share price rose 2.2% during trading on Friday . The stock traded as high as GBX 14 ($0.19) and last traded at GBX 13.80 ($0.18). Approximately 245,470 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 603,967 shares. The stock had previously closed at GBX 13.50 ($0.18).

Analyst Upgrades and Downgrades

Separately, Berenberg Bank restated a "buy" rating and issued a GBX 34 ($0.45) price objective on shares of Rainbow Rare Earths in a research report on Thursday, July 10th.

Rainbow Rare Earths Stock Up 3.9%

The company has a debt-to-equity ratio of 3.34, a current ratio of 0.21 and a quick ratio of 3.79. The company has a market capitalization of £129.37 million, a PE ratio of -30,546.01 and a beta of 2.25. The business has a 50-day moving average of GBX 12.09 and a 200 day moving average of GBX 11.41.

Rainbow Rare Earths Company Profile

Rainbow Rare Earths aims to be a forerunner in the establishment of an independent and ethical supply chain of the rare earth elements that are driving the green energy transition. It is doing this successfully via the identification and development of secondary rare earth deposits that can be brought into production quicker and at a lower cost than traditional hard rock mining projects, with a focus on the permanent magnet rare earth elements neodymium and praseodymium, dysprosium and terbium. The Company is focused on the development of the Phalaborwa Rare Earths Project in South Africa and the earlier stage Uberaba Project in Brazil.